Living in Montenegro – An Expat Guide

If you’ve visited Montenegro as a tourist and now you’ve decided that this is where you want to be on more a full-time basis, then firstly – congratulations on a decision well made! You’ve seen for yourself just how beautiful the scenic landscape is, and you’ve probably heard that Montenegro is one of the most talked about countries of 2023, but what’s it like to actually live here? Let’s find out together… here’s our brief guide which should cover some of the most important points:

A relatively young country having only declared it’s independence in 2006, Montenegro has established itself as a member of the UN, Nato and the WTO plus it’s in the process of joining the EU. Experiencing much development, but without spoiling it’s unique landscape, Montenegro is well situated within Europe, has two international airports with many destinations in easy reach, has a varied landscape with a stunning coastline and a mountainous backdrop, has a diverse wildlife, offers a combination of Eastern and Western influences and has a climate aligned with the likes of Italy and Greece. There’s also the UNESCO World Heritage site of Kotor, plenty of beauty in other towns such as Budva, and boasts a desirable tax rate along with high quality of living.

Cost of Living & Property

Ranked 74th on Numbeo’s (https://www.numbeo.com/cost-of-living/rankings_by_country.jsp) cost of living indicator for 2023, it’s one of the most affordable countries in Europe, and is around 43% cheaper to live here than in the UK (ranked 29th on the list) so your money will go a lot further. Much like anywhere else Real Estate prices will vary depending on where you want to live, but on average it’s around €1500 per square meter in the Capital, rising to around €2500 per square meter in the more popular coastal towns such as Kotor or Tivat. CMM Montenegro cover the whole of the market with prices fr om as little as €150,000 all the way up to a few million. Utilities will set you back around €100 per month during the winter and €50 per month during the Summer, Water is around €30 per month, and property management + garbage disposal is another €30-€60 depending on where you are. It’s also a lot more affordable buying groceries, as is eating out even in the tourist areas, so in terms of an average budget you’d probably be looking at €450-€500 for a single person and €1500-€1600 for a family of four.

Schools & Education

In terms of schools, there is the public school system, there are private schools and there are International schools, so you do have a good choice. Kindergarten is fr om 3-6 and then elementary school lasts a further 9 years after which pupils can go to higher education which generally lasts a further 2-4 years depending on the topic they study. Pupils can then continue at University. The monthly tuition is the private schools is generally around €1,000 with most of the lessons being taught in English, though it’s highly advisable to also start learning the Montenegrin language.

Healthcare

In terms of healthcare, it is developing and there are more hospitals opening throughout the country year on year. Whilst nationals of EU member states are entitled to free healthcare, it is advisable to have private health insurance, which should cost you around €300 a year per person. You can choose to ‘pay as you go’ of course, in which case an appointment with a doctor is approx. €23 and a dentist is anything fr om €20 - €80.

Tax Rates

One of the biggest draws of Montenegro for expats is the highly favourable tax system wh ere personal income tax is only 9%, capital gains tax is 9% and Corporation Tax (should you wish to run a business here) is also 9%. There’s no inheritance or pension tax, and property purchase tax if you buy from an owner is set at 3%. If you buy direct from a developer it’s 0%.

Wh ere to Live

Of course, choosing wh ere you want to live is rather important with the most popular places outside of the Capital being Budva, Tivat, Kotor, Herceg Novi, Ulcinj and Bar. Each one will offer you something slightly different in terms of landscape and vibe, so do have a look at some forums or speak with CMM Montenegro about each area, to decide what’s going to be best for you. Nomad Capitalist for example gives some great information, which you can check out here: https://nomadcapitalist.com/expat/best-places-live-in-montenegro-expats/

Residency

In terms of residency, you can stay in the country for up to 90 days without a visa if you are a citizen of certain countries (the UK being one of them) but if you want to say for longer, then you’d have to apply for a visa, which to be honest, isn’t as difficult as some of the other major European hotspots. You’ve basically got four options, Employment Visa, Study Visa, starting a Company, or Investing in Property which is what most expats tend to go with. Currently there is a Golden Visa Programme in place which starts from €250k with a €100k donation to the Montenegrin government, although they are due to end this in December of 2023. If you don’t want to go down that route, don’t worry as you can also apply for residency through standard property ownership. If you have property in Montenegro, you can also apply for temporary residency, which would last for up to a year, and is renewable every 5 years. After that, you can apply for permanent residency. It's worth noting that there are no restrictions on foreigners buying property in Montenegro and the process is fairly simple. It’s highly advisable that you stick to the official channels and speak with both an Agent and a Lawyer – again something that CMM Group can help you with.

Summary

In summary there’s plenty of benefits to living in Montenegro, and there’s plenty to draw you in. It won’t be a ‘hidden gem’ for much longer, and it’s highly appealing with a strong EU ambition & a growing investment agenda, along with competitive pricing, affordability, scenery, tax rates & culture.

If you want further information, contact us (https://www.cmm-montenegro.co.uk/about-us/contacts/) & let’s have a chat!

26.07.2023